Duality of European managers. From the foregoing, it should be noted that there are three market infrastructure managers: trading platform managers(investment firms and market operators), whose statutes are subject to MiFID 2, clearing houses or central counterparties, which are subject to EMIR, and central securities depositories, which are subject to CSD Regulation.Although there are differences in the status of managers, they all share the common feature of being subject to a dual connecting factor. First, these managers are subject to a national legislative connecting factor. This is done through their registered office, which is understood to be their real seat, and has a particularly broad scope (Section 1).

Secondly, managers are subject to an administrative connecting factor. The latter reflects the designation of the administrative authority competent to approve the manager and the supervision to which the latter is subject in the exercise of his or her activity. Until recently, there was a parallelism of connecting factors. Indeed, the administrative connecting factor for managers was also the registered office. This criterion, which stemmed from a decentralised model based on a division of administrative powers between the authorities of the Member States, was based on mutual recognition. This model is now being challenged by a centralised model, where the decision is taken by an EU agency, whose legal order is therefore primarily competent to assess all administrative aspects of the managers status. The particularity of this centralised model is twofold: on the one hand, it can be deconcentrated, restoring to the national authorities part of their competence and, on the other hand, the existence of an administrative connecting factor to an EU agency does not call into question the manager's legislative connecting factor, resulting in the competent authority applying the law of the manager's headquarters (Section 2).